At Kaarva, we are building an ecosystem of financial inclusion through technology and simple
Kaarva offers a unique credit line to regular income workers in low-medium income segment at no-interest or fees but in a unique "Pay What you Like" Model.
Once a user becomes a member of Kaarva, he/she gets a monthly limit up to 30% of their monthly income (max upto 10,000 INR). Daily a user can take out up to INR 1500 and user can choose to take the money out as many times in a month as they need upto the monthly limit. Users can repay what they take from their monthly limit back flexibily in the next 3 months. For example, if a user takes a cashout in Jan, say 5-Jan, a user can choose to pay it back anytime before 1-Apr. While first month is "Pay What you Like", the following months have small monthly usage fees (less than credit cards interest) to cover the cost of money & operations.
Kaarva charges no late fees, no penalties or renewal fees. If a user fails to repay the post-3-month duration, we simply report their repayment history to the bureau and move the account to non-standard.